GORENJE, d.d., Velenje
Gorenje Group and American premium appliance manufacturer Sub-Zero Group Inc. launch a distribution partnership
Sub-Zero Group Inc. to be the exclusive distributor for Gorenje's premium brand Asko in North America
In accordance with the provisions of the Code of Best Practice for WSE Listed Companies, the Ljubljana Stock Exchange Rules, and the applicable legislation, the company Gorenje, d.d., is publishing the following announcement:
Velenje/ Slovenia; Madison/Wisconsin, USA; 4 February 2014 – Gorenje Group and the leading manufacturer of American-made premium home appliances Sub-Zero Group Inc. signed a long-term agreement on the distribution of Gorenje's premium brand Asko. According to the agreement, Sub-Zero Group Inc. will become the exclusive distributor for Asko's washing machines, dryers, and dishwashers in North America as of April 1, 2014. The cooperation is a part of Gorenje's strategic activities aimed at boosting the Group's presence beyond Europe and promoting the sales of its upmarket products.
Asko is Gorenje's premium brand upon which the Group is building its global presence. In addition to Scandinavia and Australia, North America, and USA in particular, is one of the key markets for this brand; indeed, Asko has been available in the USA since 1987. Cooperation with the industry-leading Sub-Zero Group Inc. paves the way for the brand's further development in the North American market. Gorenje President and CEO Franjo Bobinac stressed that cooperation with the Sub-Zero Group Inc. is important for Gorenje's pursuit of its strategic goals. "We are certain that Sub-Zero Group Inc. is the right partner for the Gorenje Group and the premium Asko brand in North America. We are a European manufacturer with tradition spanning more than sixty years. Currently, 92 percent of our revenue is generated in Europe; however, we are looking to expand our global presence and we believe that long-term cooperation with the Sub-Zero Group Inc. will help us accomplish this. Sub-Zero Group Inc. is synonymous with prestigious refrigeration and cooking appliances and cooperation will be rewarding for both parties."
Sub-Zero Group Inc. is a leading American appliance manufacturer whose offer includes Sub-Zero refrigeration appliances and Wolf cooking appliances. Both brands are in the top segment in terms of pricing. By taking over the distribution of Asko washing machines, dishwashers, and dryers, Sub-Zero Group Inc. will round off their offer in North America with this segment of major appliances. In addition to distribution, Sub-Zero Group Inc. will also offer first-class after-sales services to the buyers of Asko appliances.
Jim Bakke, President and CEO of Sub-Zero Group Inc., commented on why this alliance is such a strong partnership. As the third generation leader of his family owned-company, he was particularly intent on alignment. "Both companies were started some six decades ago by entrepreneurs with a vision for quality, performance and design. So we share a rich heritage and very similar values with Asko," explained Jim Bakke. "The Asko products are built like professional appliances with timeless design, top-notch and lasting performance and innovative features. So I am pleased that we can offer this respected brand within our excellent and high-performing sales and service channels."
About Gorenje Group
Gorenje Group is a leading European home appliance manufacturer with a tradition spanning 64 years. In addition to standing out with excellent design, their innovative and technologically advanced appliances simplify the lives of users in 90 countries across the world. Their offer of home appliances marketed under their global brands Gorenje and Asko and local brands Atag, Pelgrim, Mora, Upo, Etna, and Körting is rounded off by a range of kitchen furniture, as well as other home appliances like water heaters and heat pumps. Gorenje is a perennial winner of awards for excellence in design and innovative solutions. The Group generates 92% of its revenue in Europe, particularly in Germany, Russia, Benelux, Ukraine, Scandinavia, and Southeastern Europe. For more information on Gorenje Group, please visit our websites at www.gorenje.com and www.gorenjegroup.com.
About Sub-Zero Group Inc.
Sub-Zero Group Inc. manufactures the global premium appliance brands Sub-Zero and Wolf. Founded in 1945 and headquartered in Madison, Wis., Sub-Zero, is the leading manufacturer of American-made luxury refrigeration, freezer and wine storage products. Specializing in food preservation, Sub-Zero pioneered the concept of dual refrigeration and prides itself on being the first company to store frozen foods at ultralow, “sub-zero” temperatures. In 2000, the Wolf brand was created as the premier maker of residential cooking appliances with the acquisition of brand rights from Wolf Range Company. Wolf therefore joined Sub-Zero, establishing the brands as corporate companions and kitchen soul mates. In its third generation of family ownership, the privately- held company also operates manufacturing facilities in Fitchburg, Wis., and Goodyear, Ariz. Both brands are continually recognized for the highest achievements in refrigeration and cooking innovation and customer satisfaction. For more information about Sub-Zero and Wolf, visit subzero-wolf.com or follow us on Facebook at facebook.com/subzerowolf or Twitter at @subzerowolf.
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The information of this announcement will be available on the official web site of the company Gorenje, d.d., Velenje, Slovenia, www.gorenje.com, at least 5 years from the date of the announcement.
The Management Board